All about Canadian Savings. Learn the ins and outs and get the latest news.
Latest News
Do I Need a U.S. Dollar Bank Account? Oct 18th
With the Canadian dollar hovering around $0.78 U.S., those who travel frequently to the U.S. (or just about every other country that accepts U.S. dollars over Canadian) are likely taking a financial hit with every purchase. If the cost of exchanging money back and force between currencies is putt.... More »
The best high-interest savings accounts in Canada for 2026 + MORE Feb 18th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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CPP vs RRSP: Can you transfer your CPP to an RRSP? Dec 26th
I’m 40 years old. Can I transfer my accumulated CPP to an RRSP?
—Franco
I am going to cut to the chase here, Franco. You cannot transfer your Canada Pension Plan (CPP) to a registered retirement savings plan (RRSP). Some pensions can be transferred to an RRSP, and there are ways .... More »
The one inflation tool you need for your finances + MORE Feb 6th
If you don’t have a high-interest savings account (HISA), now is a good time to consider opening one. Why? HISAs pay more interest than regular savings accounts, and rates are particularly high right now. The amount you can earn on your deposited money may help offset rising inflation. And, last b.... More »
What does the average wedding cost in Canada? May 15th
“But you’re getting married! You have to!” That empty statement is on the other end of everything from wedding cakes to bachelorette parties, lace veils, engagement photo shoots and selfie stations. It seems that from the very minute you are betrothed, everyone and their mother (perhaps especi.... More »
Missing Out on the Market: New Report Finds Millennials Simply Aren’t Investing
– ratesupermarket.ca
In the minds of millennials, saving up for a home and paying down debt seem to take priority by far over investing.
This is according to the Missing Out: Millennials and the Market report by the Ontario Securities Commission, which surveyed more than 1500 Ontarians aged 18 to 36 about their feelings towards saving and investing.
This age cohort has been called the most fiscally-conservative generation since the Great Depression and currently makes up more than a third of the Canadian labour force. Of the group surveyed, 80 per cent have savings accounts, and many of them either have automatic withdrawals or manually set aside money from their pay cheque each month. However, only about half of those millennials are investing those savings and, of those surveyed, 42 per cent have less than $25,000 in the markets.
Saving for a home, instead
More than half of millennials who don’t invest say they’re using their savings for other things, such as saving up for a home. And while one third of this age group already own a property, over half of those who don’t own a home say purchasing a home is one of their top three financial priorities…
How can I use my extra RRSP room when I retire?
– moneysense.ca
Q: In 2019, I will retire. I will contribute $26,000 to my RRSP in 2018, but I will have ~$26,000 of contribution room available from my 2018 income in 2019. Is there any way to use this RRSP room and enable a deduction against my 2018 income?
For example, could I contribute an additional $26,000 to my RRSP in January 2019, have it be a deduction off of my 2018 income, and still be within my 2019 contribution limit?
—Bill
A: Good question, Bill. I’ll give you a little primer on registered retirement savings plan (RRSP) room and deductions.
RRSP room is generated from earned income like employment income, self-employment income and even net rental income. Your RRSP room for this year is equal to 18% of your earned income for last year, up to a maximum.
Ask a Planner: Leave your question for Jason Heath »
For 2018, the income required to generate the maximum 2019 RRSP room of $26,500 is $147,222. So, assuming you have $147,222 or more of earned income for 2018, you will have $26,500 of RRSP room for 2019…
